Have a look at this article:
The connection between the device itself and the push cloud service is
of course secured over a TLS channel.
...
But what about the actual text and other
meta data that is sent with the push message from the app cloud
service to the app installed on a device. How it is secured? The thing
here is that it is always secured in transport as described above but
the message itself is in clear text between these transports.
And it is here the problem with users privacy comes in. All push cloud
services have every push message, that is sent through their systems,
in clear text.
That is they have the ability to analyze, look at, share/sell the
data. And they have the risk of getting compromised and loose the data
to cyber criminals.
So in general, if you want to be on the safe side, don't send any sensitive data with push notifications. Instead, just use push notifications as a syncing mechanism, so to tell the app that there is new data that needs to be fetched in a secure way that you can control.